Featured Product

    Chinese Authorities Set Out Plans for Financial Standardization

    February 08, 2022

    The China Banking and Insurance Regulatory Commission (CBIRC) and the People’s Bank of China (PBC) released a notice clarifying that loans for affordable rental housing projects shall be excluded from real estate loan concentration management. Banking institutions are encouraged to scale up support for affordable rental housing based on the principles of compliance with laws and regulations, sound risk management, and commercial sustainability. Additionally, certain Chinese authorities jointly issued the development plan for financial standardization during the 14th Five-Year Plan Period. These authorities are PBC, CBIRC, the China Securities Regulatory Commission, and the State Administration for Market Regulation.

    The development plan clarified the guidelines, basic principles, main objectives, key tasks, and supporting measures for advancing standardization of the financial sector with coordinated efforts during this five-year period. The development plan outlines seven key tasks:, as part of which the Chinese authorities will

    • improve the standards of financial risk prevention and control and financial statistics, enhance the standards of financial consumer protection, and ramp up the support of these standards for financial regulation.
    • focus on improvement of the green finance standard system, effectively develop the standards for inclusive finance, and enhance the standards as a guarantee for industry chain and supply chain finance.
    • steadily advance the development of fintech standards, systematically improve the standards for financial data elements, and advance the standards for financial information infrastructure; they will also strengthen the standards for the protection of financial cyber-security and develop standards for safe and controllable core information technologies in the financial sector.
    • accelerate the application of advanced international financial standards and actively participate in international financial standardization.
    • improve the supply structure of financial standards, strengthen their application, foster service industries for financial standardization, and promote the coordinated development of standard testing and certification.
    • optimize the operating mechanism of financial standardization, enhance the standardization capacity of financial institutions, promote the digital transformation of financial standardization, and strengthen the talent pool for financial standardization.
    • improve the financial infrastructure standards, steadily advance the development of standards for securities and futures, enrich gold market standards, and expand and upgrade insurance market standards.

     

    Keywords: Asia Pacific, China, Banking, Insurance, Securities, Lending, Real Estate Loans, Credit Risk, Fintech, Regtech, Digital Finance, Cyber Risk, CSRC, CBIRC, PBC, Sustainable Finance

    Related Articles
    News

    US Agencies Issue Several Regulatory and Reporting Updates

    The Board of Governors of the Federal Reserve System (FED) adopted the final rule on Adjustable Interest Rate (LIBOR) Act.

    January 04, 2023 WebPage Regulatory News
    News

    ECB Issues Multiple Reports and Regulatory Updates for Banks

    The European Central Bank (ECB) published an updated list of supervised entities, a report on the supervision of less significant institutions (LSIs), a statement on macro-prudential policy.

    January 01, 2023 WebPage Regulatory News
    News

    HKMA Keeps List of D-SIBs Unchanged, Makes Other Announcements

    The Hong Kong Monetary Authority (HKMA) published a circular on the prudential treatment of crypto-asset exposures, an update on the status of transition to new interest rate benchmarks.

    December 30, 2022 WebPage Regulatory News
    News

    EU Issues FAQs on Taxonomy Regulation, Rules Under CRD, FICOD and SFDR

    The European Commission (EC) adopted the standards addressing supervisory reporting of risk concentrations and intra-group transactions, benchmarking of internal approaches, and authorization of credit institutions.

    December 29, 2022 WebPage Regulatory News
    News

    CBIRC Revises Measures on Corporate Governance Supervision

    The China Banking and Insurance Regulatory Commission (CBIRC) issued rules to manage the risk of off-balance sheet business of commercial banks and rules on corporate governance of financial institutions.

    December 29, 2022 WebPage Regulatory News
    News

    HKMA Publications Address Sustainability Issues in Financial Sector

    The Hong Kong Monetary Authority (HKMA) made announcements to address sustainability issues in the financial sector.

    December 23, 2022 WebPage Regulatory News
    News

    EBA Updates Address Basel and NPL Requirements for Banks

    The European Banking Authority (EBA) published regulatory standards on identification of a group of connected clients (GCC) as well as updated the lists of identified financial conglomerates.

    December 22, 2022 WebPage Regulatory News
    News

    ESMA Publishes 2022 ESEF XBRL Taxonomy and Conformance Suite

    The General Board of the European Systemic Risk Board (ESRB), at its December meeting, issued an updated risk assessment via the quarterly risk dashboard and held discussions on key policy priorities to address the systemic risks in the European Union.

    December 22, 2022 WebPage Regulatory News
    News

    FCA Sets up ESG Committee, Imposes Penalties, and Issues Other Updates

    The Financial Conduct Authority (FCA) is seeking comments, until December 21, 2022, on the draft guidance for firms to support existing mortgage borrowers.

    December 20, 2022 WebPage Regulatory News
    News

    FSB Reports Assess NBFI Sector and Progress on LIBOR Transition

    The Financial Stability Board (FSB) published a report that assesses progress on the transition from the Interbank Offered Rates, or IBORs, to overnight risk-free rates as well as a report that assesses global trends in the non-bank financial intermediation (NBFI) sector.

    December 20, 2022 WebPage Regulatory News
    RESULTS 1 - 10 OF 8697